Eagle Bay Advisors LLC Purchases 3,846 Shares of ConocoPhillips $COP

Eagle Bay Advisors LLC acquired a new position in ConocoPhillips (NYSE:COP) during the third quarter, Holdings Channel reports. The firm acquired 3,846 shares of the energy producer’s stock, valued at approximately $481,000.

Several other institutional investors have also modified their holdings of the company. State Street Corp boosted its stake in ConocoPhillips by 73.2% during the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock valued at $12,328,767,000 after buying an additional 50,116,727 shares in the last quarter. BlackRock Inc. grew its holdings in ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after acquiring an additional 2,712,703 shares during the period. Wellington Management Group LLP grew its holdings in ConocoPhillips by 12.0% during the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after acquiring an additional 1,609,759 shares during the period. Dimensional Fund Advisors LP raised its position in ConocoPhillips by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer’s stock worth $1,457,978,000 after acquiring an additional 74,261 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in ConocoPhillips by 10.8% in the first quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer’s stock worth $1,344,017,000 after acquiring an additional 995,392 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $146.43 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $146.59. The stock’s 50-day moving average is $132.11 and its two-hundred day moving average is $122.44. The firm has a market cap of $175.92 billion, a P/E ratio of 19.37, a PEG ratio of 1.41 and a beta of 0.24.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The company had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The business’s quarterly revenue was up 32.4% on a year-over-year basis. During the same period last year, the business earned $1.42 EPS. Analysts predict that ConocoPhillips will post 11.19 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were issued a $0.84 dividend. The ex-dividend date was Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a yield of 2.3%. ConocoPhillips’s dividend payout ratio is currently 44.44%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on COP. Wells Fargo & Company upped their price target on shares of ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a report on Friday, August 7th. UBS Group raised their price objective on shares of ConocoPhillips from $153.00 to $169.00 and gave the company a “buy” rating in a research report on Monday, September 14th. Raymond James Financial reaffirmed an “underperform” rating and issued a $168.00 price objective on shares of ConocoPhillips in a research note on Monday, August 24th. Susquehanna boosted their target price on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. Finally, Truist Financial boosted their target price on shares of ConocoPhillips from $130.00 to $136.00 and gave the stock a “hold” rating in a report on Wednesday, October 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.62.

Insider Buying and Selling

In related news, SVP Andrew Lundquist sold 9,487 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the transaction, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.09% of the company’s stock.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.